ACME aims Rs 10K cr revenue from solar module, cell manufacturing by 2030

ACME Group is targeting Rs 10,000 crore revenue from solar module and solar cell manufacturing business by 2030.

This is part of its strategic business diversification strategy as ACME Group expands its business footprint beyond Renewable Energy generation, a statement said.

According to the statement, ACME Group is targeting Rs 10,000 crore in revenue by 2030 from solar module and solar cell manufacturing business.

The Gurgaon-based group has entered the renewable equipment manufacturing sector with a current investment of about Rs 230 crore and a solar module manufacturing facility in Jaipur, Rajasthan, with an annual capacity of 1.2 Gigawatts.

The solar modules manufacturing facility was commissioned recently and employs more than 700 people.

ACME Group plans to further scale up the manufacturing capacity as well as establish a new cell manufacturing facility under its new business entity ACME Renewable Equipment Manufacturing.

The Ministry of New and Renewable Energy's (MNRE) has included ACME Group company in the Approved List of Models and Manufacturers (ALMM), enhancing its credibility as a Solar Modules manufacturer.

The exclusivity of being on the ALMM list gives ACME Group a competitive edge in securing contracts under government-backed projects and private initiatives requiring certified modules.

Following the ALMM status, ACME Group will now actively bid & participate in supply agreements of solar modules for government projects, schemes, SECI tenders, rooftop solar installations (net-metering), KUSUM schemes and export opportunities.

The ALMM initiative supports India's Make in India initiative by promoting local manufacturing, reducing import dependency, and generating new employment. It also aligns with India's renewable energy targets by ensuring domestically made high-quality solar modules in installations.

ACME Group Chairman Manoj K Upadhyay said, Our strategic entry into the renewable equipment manufacturing business aligns seamlessly with the Make in India initiative.ACME's Renewable Equipment Manufacturing facility in Jaipur enhances supply chain control and to further reduce the renewable power cost."  According to industry estimates, India's solar module manufacturing capacity is expected to grow from 80 GW in 2025 to 125 GW by 2030, and solar cell manufacturing increasing from 25 GW to 40 GW during the same period.

Government Initiatives like the Approved List of Models and Manufacturers (ALMM) promote domestic production by mandating the use of locally manufactured modules in government-backed projects.

Supportive schemes such as PM-KUSUM and rooftop solar programs are driving demand for solar installations.

Rising production is expected to result in huge capacities enabling exports to account for 25-32 per cent of production by 2030, it stated.